The Goldman Sachs Group Raises Eaton (NYSE:ETN) Price Target to $382.00

Eaton (NYSE:ETN - Get Free Report) had its price objective boosted by stock analysts at The Goldman Sachs Group from $345.00 to $382.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. The Goldman Sachs Group's target price indicates a potential upside of 6.77% from the stock's previous close.

ETN has been the subject of several other research reports. Evercore ISI lifted their price target on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Royal Bank Of Canada boosted their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Morgan Stanley decreased their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Citigroup boosted their target price on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of "Moderate Buy" and an average price target of $370.63.

Eaton Stock Down 0.6%

Shares of Eaton stock traded down $2.00 on Tuesday, reaching $357.78. 2,809,502 shares of the company were exchanged, compared to its average volume of 2,671,382. Eaton has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a market cap of $140.00 billion, a P/E ratio of 36.10, a price-to-earnings-growth ratio of 2.71 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The stock's 50 day moving average price is $330.40 and its 200-day moving average price is $313.40.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the firm posted $2.40 earnings per share. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, equities analysts forecast that Eaton will post 12.02 EPS for the current year.

Insider Transactions at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 in the last quarter. Corporate insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Eaton

A number of large investors have recently made changes to their positions in ETN. Nuveen LLC purchased a new stake in Eaton during the first quarter valued at about $1,472,231,000. Norges Bank purchased a new position in shares of Eaton in the fourth quarter worth about $1,495,582,000. GAMMA Investing LLC increased its holdings in shares of Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after buying an additional 3,580,198 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Eaton by 85.4% in the first quarter. Ameriprise Financial Inc. now owns 3,629,464 shares of the industrial products company's stock worth $986,966,000 after buying an additional 1,672,175 shares during the period. Finally, Capital International Investors purchased a new position in shares of Eaton in the fourth quarter worth about $523,541,000. 82.97% of the stock is owned by institutional investors.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.